OmegaFi

[TGTKPinkWhalepq]

Originally Posted by preciousjeni

I REALLY respect that.

It sucks sometimes in a small chapter, but people stay focused on the important stuff when we enforce standards.

Originally Posted by AnotherKD

Ditto. I just remember my story as a side note- didn't think it'd actually be an option. Just thought it was somewhat amusing.

We did this to some actives a few years back. They didn't make grades again and both resigned from the chapter because they knew they'd be expelled for not making grades two semesters in a row. Don't like that bylaw either but when we follow it our GPA seems to improve/stay high.

[DeltaBetaBaby]

Originally Posted by TGTKPinkWhalepq

We did this to some actives a few years back. They didn't make grades again and both resigned from the chapter because they knew they'd be expelled for not making grades two semesters in a row. Don't like that bylaw either but when we follow it our GPA seems to improve/stay high.

Wait, you throw girls out for not making grades two semesters in a row? Are you an NPC group?

[TGTKPinkWhalepq]

Originally Posted by DeltaBetaBaby

Wait, you throw girls out for not making grades two semesters in a row? Are you an NPC group?

No definitely not...we're actually IFC

Our national minimum is a 2.6 beginning next semester. Our local minimun was already a 2.6.

And we do allow them to be reinstated but only once, for any reason.

[TGTKPinkWhalepq]

Just thought I would update the thread: My chapter will probably refuse to use OmegaFi. We have an Econ major who has demonstrated that it is more cost effective to enforce our bylaws concerning collection, suspension, and expulsion, and even to write off some losses if need be. I'm kinda bummed out because we're missing out on that $$, the alumni board is bitching at us ( by us I mean me, it just makes me feel better to pretend that the frustration is directed at the other officers as well) because they're having trouble collecting rent from the brothers living in the house. ****

[Kevin]

Originally Posted by TGTKPinkWhalepq

Just thought I would update the thread: My chapter will probably refuse to use OmegaFi. We have an Econ major who has demonstrated that it is more cost effective to enforce our bylaws concerning collection, suspension, and expulsion, and even to write off some losses if need be. I'm kinda bummed out because we're missing out on that $$, the alumni board is bitching at us ( by us I mean me, it just makes me feel better to pretend that the frustration is directed at the other officers as well) because they're having trouble collecting rent from the brothers living in the house. ****

I'd hold that econ major to it then. Yes, it's always cheaper if people would just pay. That goes without saying. But unless you're changing something with regard to enforcement, then nothing is going to change. In my experience, Omega Fi not only improved our collection rate, it also made the Treasurer position a lot easier.

In a chapter without Omega Fi, I imagine the financial performance of the chapter can vary widely, since you get a new treasurer every year. At least you can have probably the most important component of the Treasurer's job, realizing revenue, taken care of.

[TGTKPinkWhalepq]

Originally Posted by Kevin

I'd hold that econ major to it then. Yes, it's always cheaper if people would just pay. That goes without saying. But unless you're changing something with regard to enforcement, then nothing is going to change. In my experience, Omega Fi not only improved our collection rate, it also made the Treasurer position a lot easier.

In a chapter without Omega Fi, I imagine the financial performance of the chapter can vary widely, since you get a new treasurer every year. At least you can have probably the most important component of the Treasurer's job, realizing revenue, taken care of.

I told him that we needed to ensure collections not only from current members but from guys that leave with outstanding balances, and he just emphasized that we can't afford the short-term losses of Omega's 5% collection fee they quoted and we should just write off those losses. He's got more knowledge on the topic and better public speaking skills than me so my plan is to get some older members, like our former Pres and VP Finance to present the case in Chapter for using the service.

[ramsey]

Originally Posted by TGTKPinkWhalepq

I told him that we needed to ensure collections not only from current members but from guys that leave with outstanding balances, and he just emphasized that we can't afford the short-term losses of Omega's 5% collection fee they quoted and we should just write off those losses. He's got more knowledge on the topic and better public speaking skills than me so my plan is to get some older members, like our former Pres and VP Finance to present the case in Chapter for using the service.

Your econ major sounds like a complete goon. What's your current collection rate? OmegaFi claims that most chapters using their service have an average collection rate of 96% or better. At least, that's what my last Term Review, a document that they generate for us at the end of each semester which gives us an overall financial analysis of how our chapter did during the semester, stated. If your current collection rate is anything less than 91%, then, if your chapter performs on average with OmegaFi, then the service will be paying for itself. If your current collection rate is only 85%, and OmegaFi could get you 96%....well after taking out that 5% fee, what you know you would have a whole 6% more money than what you were pulling in on your own. You stated earlier that your yearly dues are $900 right? So currently $450 per semester? So that extra 6% you'd be pulling in is like pulling in an extra $27 per member. What else can you do with $27 per member? More programming? more parties? More chapter expenses that you haven't been able to afford before?

The service pays for itself. Not to mention the features. Online payments (okay, yeah, you could use google checkout or paypal, but guess what? you pay fees to use those too). Paper statements mailed home, and email notifications sent out. Not just a "hey dude, you owe $$XXX. Pay your bill." Plus, if parents are paying the bill rather than the student, they like the professional notification of a statement. And if the parent has questions about the bill, they call call OmegaFi, rather that trying to hunt down the treasurer of the chapter, who is a college student, who they "probably" don't have must trust in anyway....And what treasurer wants to talk to Brother Joe's parents about money anyway? I have no desire to talk to my sisters parent's: they are big girls, they can take care of themselves. If mom and dad pay their bill, that's between them. I just care that dues get paid...I don't care how.

So Econ Goon thinks 5% is not worth the features and benefits, huh? If dues at $900 per year, then 5% is $22.50 per semester..... So increase dues to $472.50 per semester to offset the cost. That's less than $6 a month if you bill in 4 monthly installments. If your members can't afford a $6 increase per month in order to benefit the whole chapter's financial situation which would also increase their quality of membership, then they have serious issues.

[VandalSquirrel]

Originally Posted by TGTKPinkWhalepq

I told him that we needed to ensure collections not only from current members but from guys that leave with outstanding balances, and he just emphasized that we can't afford the short-term losses of Omega's 5% collection fee they quoted and we should just write off those losses. He's got more knowledge on the topic and better public speaking skills than me so my plan is to get some older members, like our former Pres and VP Finance to present the case in Chapter for using the service.

While your econ major brother may be right, once he is out of the chapter the ability to do what he can do may be limited. What is great about Omega Fi is that they will be there beyond the current members and alumni/advisors, therefore able to hand these situations in the long term. Having this handled by someone who isn't a current member cuts down on internal issues. It now isn't a conflict between brothers, but a brother being handled by Omega Fi.

That 5% they take may or may not be less than the money your chapter would spend. When you look at the other costs, time mailing certified letters, filing in small claims court, kicking people out and all of the associated butt hurt and dramatics, that 5% may be worth it.